Boeing's Stock Leads Dow Losers After Analyst Cuts Deliveries, Profit Estimates

Boeing Co.'s stock slumped 1.9% in morning trade Wednesday, enough to make it the biggest percentage loser among Dow Jones Industrial Average components, after Sterne Agee cut its estimates for aircraft deliveries first-quarter earnings because of a weaker-than-anticipated March performance. Analyst Peter Arment said deliveries of both 737 and 777 model aircraft were below expectations, with 777 deliveries hurt by delays at a seating supplier. He trimmed his 2015 aircraft deliveries estimate to 177 from 180, and lowered his first-quarter earnings-per-share estimate to $1.80 from $1.90. Despite the estimate cuts, Arment reiterated his buy rating and stock price target of $196, which is 33% above current levels, and said investors should look to add to their holdings on a pullback. The stock, a component of the Dow Jones Industrial Average , is still up 13% year to date, while the Dow is down 1.2%.